Examples Of Economic Inequality

What is economic inequality?

Economic inequality is classified as the gap between the rich and poor, or income inequality. Therefore, income is not distributed equally among individuals in a group, in a population, or among countries.

I believe that economic inequality might be the biggest threat and a challenge to democracy in today 's society. For example,economic inequality and in today 's contemporary society and in the past has been a topic which has never been resolved and poses the biggest risk to the global economy. For example, In a market where individuals who are free to make choices will gain and end up with more than with what others will potentially get. Therefore, individuals are not equal and do not have the same opportunities

Therefore, the government favours the rich from the expense of the individuals who are less wealthier. For example, some economic effects of this would be a decline of labour unions, the outsourcing of jobs, an increase of high skilled workers compared to low-skilled workers, and ultimately, the rich will become more wealthier while the poor will stay poor or even fall into a state of poverty. Conclusively, I believe that in order, to resolve this issue, programs that will ensure to help the poor advance would be welfare, education, local support groups and, the government itself has to realize that their is an income inequality and that it needs to be addressed.However, even though if the government does recognize that this is an issue, they are unable to come up with a resolution because the political parties are unable to agree to a decision. However, because the government helps out the rich at the expense of the poor, there is greed and corruption involved because the individuals who are in power due to their wealth, they often influence and control government

For example, some of the principles are rule of law, individuals rights and freedoms, private property, economic freedom,self interest and competition. Modern liberalism emerged from the idea of having the government increase its role in striving to provide the protection of individuals rights, an increase in government intervention in the economy, education, healthcare and welfare. Therefore, economic equality is a principle in which individuals in a society are equal and have an equal access to all of the financial opportunities in order, to be successful. Hence, the government also strives to achieve economic equality by implementing progressive taxation in order, to redistribute wealth and resources in order, to help out the less wealthier communities. However, laissez faire is a belief that supports the idea of acting in an individual 's own self-interest, competition and owning private property. Thus, individuals who support the Laissez-faire believe that natural laws should control the economy and that the government should not try to intervene and regulate it because without these interferences the economy would prosper and be better off if left alone. For example, through supply and demand and the business cycle it was proved that the economy when left completely out of any regulation and control from the government in fact does not always